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MERRILL v. COMMISSIONER OF INTERNAL REVENUE

No. 27, Docket 20913.

173 F.2d 310 (1949)

MERRILL v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Second Circuit.

March 9, 1949.

Attorney(s) appearing for the Case

Richard P. Jackson, of New York City (Chadbourne, Hunt, Jaeckel & Brown, of New York City, of counsel), for petitioner.

Theron Lamar Caudle, Asst. Atty. Gen., and Ellis N. Slack and Harry Baum, Sp. Assts. to Atty. Gen., for respondent.

Before L. HAND, Chief Judge, and SWAN and CLARK, Circuit Judges.

SWAN, Circuit Judge.

This proceeding involves a deficiency in the petitioner's income tax liability for the year 1941, resulting from the disallowance of a deduction of $41,281.28 claimed as a net operating loss carry-over from 1940.1 Deduction for a net operating loss is allowed under § 23(s) but is computed under § 122 of the Internal Revenue Code, 26 U.S.C.A. §§ 23(s) and 122. The correctness of the Tax Court's approval...

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